Need advice regarding bank account

Kyrix

Currently my direct debits come out of an account managed by my mum, but I think it's time I start managing it myself (I'm 29, and live on my own - - so it's time to stop relying on mum hehe)

I have no idea where to start with it though :S

I will be mostly using the account to pay for direct debits, and taking a fixed amount out of the ATM each week. I won't be using the overdraft feature, and I would actually prefer if the account didn't have any overdraft at all

Also I would like to be able to have different 'sections' of the account, so that the main bulk of my money is stored in section 1, and it will automatically transfer service spending money onto section 2, and when I use my card to buy stuff it comes out a section 2

This will make it easier to budget and would lower the risk of me spending money that I don't have

Sorry for the long post but I have no clue about banking stuff but I'm trying to learn. I already have a budget plan in place, but I don't have a bank account of my own yet

Thanks!

mwarby

I personally have 2 accounts

1 is where wages come in , and direct debits and standing orders out

The other is the money left over from above, paid by standing order

This way I know that with a small float my direct debits etc won't bounce (I set it up so it always has £100 left at end of month)

The other account I can withdraw from and or spend on, with no risk of being caught out by direct debit late in month

mt99

You could think about Nationwide current accounts. Open a Flexdirect account to have your incoming payments and direct debits. Open a Flex account for spending (debit card). Set up an automatic transfer between the two. If your incoming is £1000 or more you will get some interest on the balance in the Flexdirect account as well (5% for the first year, 1% thereafter).

jimjames

Kyrix wrote: »

Sorry for the long post but I have no clue about banking stuff but I'm trying to learn. I already have a budget plan in place, but I don't have a bank account of my own yet

Thanks!

It might be a daft question but how do you get paid if you don't have a bank account? Does it all go into your mum's account?

Dobbibill

you will definitely be better with 2 accounts, a bills and a spending account.

This will make budgeting much easier.

you can also get rewards and/or interest from both accounts.